CBN Issues 82 New BDC Licences, Moves to Curb Unregistered FX Operators

• The Central Bank of Nigeria has confirmed that 82 Bureaux De Change (BDCs) have received final operating licences, while warning the public to avoid unlicensed foreign exchange operators.

The Central Bank of Nigeria (CBN) has granted final licences to 82 Bureaux De Change (BDCs) to commence operations from November 27, under new regulatory standards.

A statement released in Abuja by Mrs Hakama Sidi-Ali, the CBN’s Acting Director, Corporate Communications, said the exercise followed powers granted under the Bank and Other Financial Institutions Act (BOFIA) 2020 and aligned with the Regulatory and Supervisory Guidelines for BDC Operations in Nigeria 2024.

According to her, “By this notice, only BDCs listed on the Bank’s website are authorised to operate from the effective date.”

She added that the CBN would continue to update the list of BDCs with valid licences on its official site: “The CBN will continue to update the list of BDCs with valid operating licences for public verification on our website (www.cbn.gov.ng).”

The regulator further warned the public:

“The Bank advises the general public to avoid dealing with unlicensed foreign exchange operators,” stressing that operating a BDC without approval is a serious offence under Section 57(1) of BOFIA 2020.

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Members of the public were urged to “note and be guided accordingly.”

Industry records show that Nigeria once had around 5,690 licensed BDCs, but on March 1, 2024, the CBN revoked 4,173 licences over regulatory breaches, reducing the total number to roughly 1,517 before the latest approvals.

The announcement signals a continued push to tighten oversight in the foreign exchange market.